Providence Title Company of Texas Receives SOC 2 Type 1 Report with Focus on ALTA Best Practices Compliance from HA&W, LLP
March 22, 2016
The report demonstrates that Providence Title Company of Texas has proper risk management procedures in place at this point in time
March 22, 2016- HA&W, LLP, a nationally-recognized tax, accounting and business consulting firm, announced today that Providence Title Company of Texas, a multi-office title agency located in Texas, has received a Service Organizations Controls (SOC) 2 Type 1 report from the firm and is certified as compliant with ALTA Best Practices.
Providence Title chose to undergo SOC 2 testing and reporting to provide assurance to lenders across the country that the agency has the proper procedures and controls in place as it relates to privacy, security and risk management. In addition to SOC 2 requirements, controls designed for the SOC 2 report were structured to satisfy ALTA Best Practices test procedures through the AICPA Trust Service Principles of security, confidentiality, processing integrity, availability and privacy. To date, Providence Title has completed its SOC 2 Type 1 testing and is undergoing its observation period for its Type 2 report.
Providence Title’s SOC 2 testing and reporting was conducted by HA&W’s dedicated title industry services group, combining HA&W’s ComplianceSuccess Program with its Information Assurance Services disciplines. With the birth of ALTA Best Practices in 2013, HA&W was the first CPA firm in the nation to perform ALTA Best Practices compliance benchmarking, readiness and reporting services across all seven ALTA Best Practices pillars. With multi-discipline expertise in the title industry, HA&W has expanded its current service offerings to agents, underwriters and lenders.
“Providence Title strives to be a leader in the title industry. As such, we recognized quickly the importance of compliance with ALTA Best Practices and chose to take our assurance up a notch by undergoing SOC 2 testing and reporting,” said John Kulasa, president of Providence Title Company. “HA&W showed us how we could approach this as a singular risk management program that fulfills our needs for ALTA Best Practices compliance, as well as the stringent security and privacy risk management requirements of banks and the CFPB.”
The testing and reporting conducted during a SOC 2 testing engagement goes above and beyond the requirements of ALTA Best Practices and is recommended for title agents who want to demonstrate the highest levels of assurance.
“Providence Title is setting a strong example for title agents that take risk management seriously. They have elevated their security program from a compliance-based approach to an ongoing risk management program that protects the integrity of their business and keeps them ahead of the ever-changing threat environment,” said Lee Fields, managing director of HA&W’s Business Consulting Services.
For more information about HA&W’s title industry services group, contact Lee Fields at [email protected] or 770-353-4776.
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